About Dash (DASH)weiss-badge

Overview

Dash (DASH) is an open-source peer-to-peer digital currency that launched in January 2014 by Evan Duffield. The Dash name was formed by combining the words 'digital cash,' and that is precisely what Dash aims to be. The entire Dash network is overseen by Masternodes (full nodes), through a system known as Proof of Service (PoSe), which allows Dash to perform instant transactions (InstantX) and private transactions (PrivateSend). For this reason, Masternodes receive 45% of the reward generated for each block. Miners receive the other 45%, and 10% is reserved for the budget system. Masternodes are essentially a server with a copy of the entire Dash blockchain, which guarantees a certain level of performance and functionality when it comes to validating transactions.

Technology

As of March 2018, Dash has over 4700 Masternodes, which is a real point of difference when comparing Dash to other mainstream cryptocurrencies. Thanks to the reward system, there is no risk of not having enough Masternodes to validate transactions. What's more, developers can rely on Masternodes to promptly deploy any new decentralised feature they want to introduce. This is where the real strength of Dash lies. The incentivised system combined with the number of distributed services (Masternodes) operating 24/7 leads to a network that can scale efficiently and deploy services at a rate that is not found in any other blockchain run by unpaid volunteers. Dash uses a consensus mechanism called Proof-of-Work (PoW) to validate and approve transactions. With PoW, miners race against each other to solve a complex mathematical puzzle, and the first to do so receives a reward. The more computational power a miner has, the more likely they are to solve the puzzle. Once the mathematical puzzle is solved, a new block is formed and added to the blockchain and transactions placed in this block are considered confirmed.

Future Focus

Dash aims to be the primary digital currency used for peer-to-peer transactions and online purchases. Moving forward, Dash hopes to build a relationship with merchants all over the globe and encourage mass adoption. The Dash site even has a 'merchant explorer,' where users can search for available Dash merchants near your location. For more information regarding Dash visit the official website or read over their Whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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